It looks like the American electorate will only have one billionaire candidate and a couple of millionaires to choose from when they head to the polls. After months of speculation, former New York mayor Michael Bloomberg said on Monday that he will not enter the presidential race, citing his concern that a third-party, independent candidate could lead to the election of Donald Trump or Ted Cruz—a risk he said he could not take in good conscience.

The media mogul, who served New York City’s highest office for 12 years, reportedly had been laying the groundwork for a potential campaign over the last several months. Last month, he stoked the fire in an interview with the Financial Times, in which he said he was “looking at all the options” when it came to formally entering the race.

But Bloomberg stomped out whatever flames he ignited in a post on his eponymous media Web site on Monday, writing that while he believes he could win a number of states, he would not take home enough votes in the Electoral College to clinch a victory. Worse, he wrote, he fears his run would prevent any candidate from reaching the 270 electoral votes necessary to become president, forcing Congress, rather than the American people, to settle the election. “With Republicans in charge of both Houses, there is a good chance that my candidacy could lead to the election of Donald Trump or Senator Ted Cruz,” he wrote. “I love our country too much to play a role in electing a candidate who would weaken our unity and darken our future.”

He went on to tear into both of them. Trump, whom he said he has known casually and been friendly with for years, has “run the most divisive and demagogic presidential campaign I can remember, preying on people’s prejudices and fears,” he wrote. “Abraham Lincoln, the father of the Republican Party, appealed to our ‘better angels.’ Trump appeals to our worst impulses.” Cruz was not spared, either. Bloomberg wrote that his campaign was “no less extreme” and “no less divisive.”

Bloomberg, who has a net worth as much as ten times Trump, did not endorse another candidate. But his decision is an indication that the election cycle has moved past a certain chapter of uncertainty, in which centrist-minded insiders were desperately searching for a viable candidate to block Trump’s seemingly all-but-certain lock on the nomination, and to prevent the election of the self-described democratic socialist Bernie Sanders, too. Both Bloomberg and Mitt Romney’s names were floated as possible last-minute candidates. In the last week, however, both have taken themselves decisively out of the running. What is now increasingly clear is voters will be choosing from among the candidates they already have. Bloomberg just hopes they don’t choose from among the current Republican front-runners.